Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
Schedule
(See section 41)
| Year |
Act No. |
Short
title |
Amendment |
| 1956 |
42 |
The
Securities Contracts (Regulation) Act, 1956. |
In
section 4A, in sub-section (1 ), after clause (vi ), insert the
following:—
“(vii )
the securitisation company or reconstruc-tion company which has obtained a
certificate of registration under sub-section (4 ) of section 3 of
the Securitisation and Reconstruction of Financial Assets and Enforcement
of Security Interest Ordinance, 2002”. |
| 1986 |
1 |
The
Sick Industrial Companies (Special Provisions) Act, 1985. |
In
section 2, in clause ( h ),
after sub-clause ( ib ),
insert the following:—
“( ic ) security receipt
as defined in clause ( zg )
of section 2 of the Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002.”. |
| 1956 |
1 |
The
Companies Act, 1956. |
In
section 15, in sub-section ( 1 ),
after the proviso, insert the following:—
“Provided further that no reference shall be made to the Board for Industrial and
Financial Reconstruction after the commencement of the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002, where financial assets have been acquired by any securitisation
company or reconstruction company under sub-section ( 1 ) of section 5 of
that Act:
Provided also that on or after the commencement of the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002, where a reference is pending before the Board for Industrial and
Financial Reconstruction, such reference shall abate if the secured
creditors, representing not less than three-fourth in value of the amount
outstanding against financial assistance disbursed to the borrower of such
secured creditors, have taken any measures to recover their secured debt
under sub-section ( 4 )
of section 13 of that Act.”. |
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